The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), a specialized institution of ECOWAS that is responsible for strengthening the capacity of Member States towards the prevention and control of money laundering and terrorist financing in the region has concluded a virtual regional training on the implementation of Beneficial Ownership Requirements.
Giving the objectives of the training, GIABA’s Director for Evaluation and Compliance, Dr Buno Nduka said the training was organized to support Member States to adequately implement the requirements of Recommendations 24 and 25 of the FATF standards, particularly those relating to transparency and beneficial ownership information.
He added that transparency of Beneficial Ownership is essential to prevent the misuse of companies and other legal persons and arrangements for money laundering or terrorist financing.
Dr. Nduka further said the implementation of these two recommendations has been challenging not only in our region but within the global network, adding that “the FATF recognizes this and therefore continues to carry out work on this area.
In his opening statement GIABA’s Director General, Mr. Kimelabalou ABA, warmly welcomed participants to the second edition of the trainings after the first was one held in December 2019 in Abuja, Nigeria.
He added that FATF recommendations requires effective measures that will tackle money laundering to prevents criminal from enjoying the proceeds from their illegal activities.
On Transparency and beneficial ownership of legal persons, he noted that, countries should ensure that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons that can be obtained or accessed in a timely fashion by competent authorities.
The Director General noted that countries should take measures to prevent the misuse of legal arrangements for money laundering or terrorist financing.
Mr. Kimelabalou ABA noted that he has no doubt that the brain storming and exchange of experiences from participants will enable us to identify the adequate strategies in other to effectively implement the demands relating to information on Beneficial Ownership.
He reassured participants that GIABA will make all the necessary arrangements, strategies and initiatives and uses it competence through -out all its member states so that they can set up effective arrangements to fight against money laundering and terrorist financing.
The training objectives was to sensitize competent authorities on the requirements of the FATF standards regarding the discuslore of BOI; to enhance the capacity of member states to enable them effectively implement BOI requirements as contained in their national laws as well as promote the exchange of information and good practices among participants on BOI disclosure.
The training consisted of five thematic sessions and was carried out by professionals with stellar qualifications.
